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Currency

London, United...
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Currency

Is it better to buy Rand in the UK or in Cape Town

Cape Town
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1. Re: Currency

Don't do either. Just take your UK Bank debit card and withdraw money from ATMs as you go. For big expenses use your Credit Card.

This will nearly always be cheaper than changing cash either in SA or the UK.

Bank ATMs are everywhere in South Africa. As soon as you land at the airport in Cape Town, in all shopping malls and high streets and in most main petrol stations if you are driving around on your vacation. Credit Cards are also accepted everywhere - Hotels, guesthouses all except the smallest B&Bs, restaurants, shops and supermarkets.

South African Banks charge you nothng to get Rand from their ATMs. The only charges are from your UK bank. These can range from Zero - look at banks such as London Metro Bank and Norwich & Peterborough - through around 1 percent with Nationwide to around 3-4 percent for most of the big high street banks. Although I see just a day or so ago that the UK banks that have higher charges are going to be forced to bring them down.

Changing cash in a bank in South Africa or the UK usually costs a minimum of 4 percent, and often a lot more. Don't just look at the "commission" charge. Look also at the spread between the retail "buying" and "selling" rates - often 4-6 percent or more. This is nearly all hidden profit for the bank. The actual spread on the inter-bank rate that they pay, is around 0.1 precent!!

Edited: 23 December 2011, 14:13
London, United...
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2. Re: Currency

Brilliant, thanks for the good advice

United Kingdom
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for Mauritius, Grand Baie
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3. Re: Currency

I would just add that you get a better rate changing your sterling in South Africa than the UK, but I have notice some exchange bureaus tend to add commission so do enquire about those.

In that case using ATM tends to be better even though your own bank would impose charges. Also let your bank know that you are going abroad so they do not block the card.

4. Re: Currency

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